A tariff is
A. a tax imposed on imports.
B. a subsidy granted to imports.
C. a tax imposed on exports.
D. any non?subsidy used to increase trade.
E. any non?tax action used to restrict trade.
Answer: A. a tax imposed on imports.
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Indicate whether the statement is true or false
A good's Demand Curve is QD = 25 - P, and its Supply Curve is QS = 10 + 2P
a. When P = $20, what is the difference, if any, between QD and QS? b. When P = $3, what is the difference, if any, between QD and QS? c. What are the equilibrium values of P and Q?
To avoid a rule-of-reason violation, the manager of a designer handbag firm should not undertake which of these actions without first speaking to an attorney?
A) enter into an agreement with a distributor about the minimum price the distributor can resell the handbags B) enter into an agreement with another designer handbag firm to set the price of the handbags C) enter into an agreement with another designer handbag firm not to sell to a particular customer D) enter into an agreement with another designer handbag firm to only sell in certain areas of the world
Economists assume that the typical person who starts her own business does so with the intention of
a. donating the profits from her business to charity.
b. capturing the highest number of sales in her industry.
c. maximizing profits.
d. minimizing costs.